Sherlok repricing process, a detailed look at what happens.
process, a look at what happens..
Each week, Sherlok queues your highest retention risk
loans for you to approve for repricing. This is based on our AI technology that
predicts client churn. Click here to read more on our A.I. Nothing will happen to these loans until you approve them to be repriced by clicking the tick (✓).
When you approve a loan for repricing, Sherlok will automatically do the following:
1. A pop-up will appear prompting you to select the method of data collection you want Sherlok to use. If Sherlok is missing any data that is critical for the reprice, we will ask you for this info in the pop-up window. This might be your BDM's name or email address if that lender requires this to reprice the loan. You will only be required to provide this once as Sherlok will save it to your profile against that lender for future reprices.
to view Sherlok’s Data Collection methods in detail.
2. Once Sherlok has collected the necessary loan data, it will automatically process the reprice via that lenders process.
3. When the lender responds to the repricing, Sherlok will asses if the rate is competitive and escalate the reprice if our engine thinks we can get a cheaper rate. Reprices will only be escalated once, and the reprice outcome will be delivered to your "Lender Response" tab so you can choose the emails to send to your clients. You can choose whether to include refinance comparisons or exclude them.
How do I get Sherlok to reprice a specific client?
To reprice specific clients on Sherlok, follow these steps: Go to the "Client" section in the navigation menu. Use the search function to find the desired client by either their name or loan number. If the client has multiple loans, you can filter ...
How do I restart a reprice? (From In Progress and Require Action tab)
In order to restart a loan for repricing you must first ensure that the loan is in the completed tab and manually trigger Sherlok to reprice. If the pricing request you wish to restart is sitting in "In Progress", click the orange cross button, ...
Does Sherlok do bulk repricing?
No, Sherlok will not allow you to bulk reprice. For two reasons You’d be inundated with work and Sherlok is trying to make your life easier not harder and Sherlok doesn’t want to overload the lenders systems and impact their SLAs Our DTTP policy ...
What's the basis for Sherlok's weekly queues?
Sherlok’s proprietary AI monitors your entire loan book, using over 150 data points to predict which clients have the highest churn risk and adds them to the queue for repricing as a priority. With the highest risk first and lowest last on a weekly ...
Sherlok's Data Collection Methods
When you approve Sherlok to reprice, a pop-up will appear, presenting the options that Sherlok can take to collect the data. Option 1 - Client Portal Sherlok will send your clients an SMS and email asking them to provide updated loan information via ...